Rosenblatt Securities analyst Ryan Koontz maintained a Buy rating on RingCentral (RNG) today and set a price target of $105. The company’s shares closed on Friday at $106.59, close to its 52-week high of $111.70.
According to TipRanks.com, Koontz is a 4-star analyst with an average return of 19.4% and a 77.8% success rate. Koontz covers the Consumer Goods sector, focusing on stocks such as Acacia Communications, CommScope Holding, and Juniper Networks.
Currently, the analyst consensus on RingCentral is a Strong Buy with an average price target of $113.55, implying a 6.5% upside from current levels. In a report issued on March 11, Guggenheim also initiated coverage with a Buy rating on the stock with a $125 price target.
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The company has a one-year high of $111.70 and a one-year low of $61.35. Currently, RingCentral has an average volume of 769.9K.
Based on the recent corporate insider activity of 108 insiders, corporate insider sentiment is negative on the stock.
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RingCentral, Inc. engages in the provision of global enterprise cloud communications and collaboration solutions. Its solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, PCs and desk phones; and allow for communication across multiple modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings and fax. It sells its products under the RingCentral Professional, RingCentral Glip, and RingCentral Fax brands. The company was founded by Vlad Vendrow and Vladimir Shmunis in 1999 and is headquartered in Belmont, CA.
